Facebook is getting ready to strike. People familiar with the plans of the multinational company have told Cheddar that the social media is thinking about launching its own cryptocurrency to allow billions of users to make payments.
“They are very serious about it,” claimed one of the people whose name he doesn’t want to be revealed.
Facebook has been involved in studying blockchain technology since last year, when Morgan Beller, one of the board members, started researching online platforms and how blockchain tech influences on their operating systems. At that time, Beller was the only member of the Facebook team interested in using the blockchain.
David Marcus leads a blockchain initiative
The interest of the platform was noted by the announcement made last week. The team stated publicly that David Marcus, vice president of Messenger, will direct a team of professionals to “explore how to best leverage blockchain across Facebook, starting from scratch.”
Facebook has omitted to detail blockchain-based projects
The Facebook team keeps a clear link with its users, usually announcing about future plans. It seems that the blockchain technology and crypto projects have been omitted.
Announcing the launch of blockchain initiative earlier this week, Mark Zuckerberg, CEO of Facebook, did not give details of which tool the team will work on.
“Like many other companies Facebook is exploring ways to leverage the power of blockchain technology,” a Facebook representative told Cheddar. “This new small team will be exploring many different applications. We don’t have anything further to share.”
Facebook won’t launch an ICO
According to specialists, the ideas of the social media platform will take time to be undertaken. People who know private information have announced that Facebook doesn’t intend to launch an ICO. A person whose name isn’t wanted to be disclosed has mentioned that Facebook plans to use the blockchain tech to secure users’ accounts and verify their identity.
Facebook has also experienced digital currency before. In 2009, the company launched Facebook Credits, which helped users acquire virtual goods in popular games such as Farmville. The reason why the company shut down this project was the lack of interest from users.
During a conference held in February 2018, Marcus mentioned that Facebook doesn’t intend to adopt cryptocurrency soon.
“Payments using crypto right now is just very expensive, super slow, so the various communities running the different blockchains and the different assets need to fix all the issues, and then when we get there someday, maybe we’ll do something,” he stated.